Fla.'s consumer confidence at highest level since Oct. '07

By Anthony ClarkBusiness editor

Tuesday

Apr 27, 2010 at 1:28 PM

Florida consumer confidence took a surprising jump in April to the highest level in 2 years on the strength of home and appliance rebates.

Florida consumer confidence took a surprising jump in April to the highest level in 2 years on the strength of home and appliance rebates, while a separate U.S. index rose to a 1-year high as concerns about jobs and the economy eased.Florida shoppers' mood toward spending jumped six points to 77 despite record unemployment, according to a University of Florida survey.Survey Director Chris McCarty of UF's Bureau of Economic and Business Research attributed much of the rise to perceptions about buying conditions largely because of the $17.5 million appliance rebate that ran out in two days and an increase in home sales from tax credits that expire Friday.The biggest gain was in perceptions of whether it is a good time to buy big-ticket items, up 14 to 87.The 77 was the highest since October 2007, when the Dow Jones Industrial Average peaked at 14,168.The Conference Board's U.S. index rose to 57.9 from a revised 52.3 in March, The Associated Press reported. April's showing was the highest since September 2008, when the collapse of Lehman Brothers marked another milestone of the financial collapse.The survey showed that concerns about jobs now and in the months ahead are easing."Looking ahead, continued job growth will be key in sustaining positive momentum," said Lynn Franco, director of the Board's Consumer Research Center.The Florida index is benchmarked to a 1966 level of 100 and the U.S. index to a 1985 level of 100, so the surveys do not reflect comparable levels of confidence.A more comparable survey by the University of Michigan actually showed U.S. confidence down four points to 69.5. McCarty called the results "very unusual" compared to Florida's results considering the U.S. economy is in much better shape than the state's.

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